England are on the verge of crashing out of the World Cup after losing five of their six matches so far to sit bottom of the table.
After the defending champions' latest defeat - against hosts India on Sunday - former one-day captain Morgan said the players were "definitely unsettled" and "there's something else going on, there has to be".
Now Sky Sports pundit Morgan has played down talk he could replace Mott, who signed a four-year deal when appointed in May 2022, saying: "It's a bit far-fetched."
"I was very clear in what I thought might be a cause to the performance the England team have produced in this World Cup, because nobody in the changing room - captain or coach or any of the players - can explain the situation they find themselves in," said Morgan.
"But I am very happy and cemented, hopefully, in what I am going to do in the future.
"I spend a lot of time at home now with my young family, which is great, and I love watching on."
England, whose hopes of reaching the knock-out stage are all but mathematically over, play Australia on Saturday and then face the Netherlands and Pakistan.
Morgan added: "England are double world champions for a reason, they are not a bad team, by any stretch.
"Matthew Mott is going through the biggest challenge of his England coaching career at the moment and it is one that he should be given time to put right.
"Certainly towards the T20 World Cup in the Caribbean and the USA.
"But, if the England team don't qualify for the Champions Trophy, the likes of (managing director of men's cricket) Rob Key and the ECB will come under increasing pressure surrounding his (Mott's) job."
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